Key facts
- Paraguay: direct permanent residence from US$70,000 through SUACE (Resolution MIC 283/2026).
- Paraguayan citizenship needs at least 3 years of permanent residence, an exam and, in practice, renunciation of your first nationality.
- Argentina: citizenship from US$350,000 (non-refundable); no renunciation required.
- Argentina's legal basis is under Supreme Court appeal. See legal status.
Paraguay and Argentina share a long border and a river system, but they sell very different things. Paraguay offers one of the cheapest permanent residence permits in the Americas, plus a territorial tax system. Argentina citizenship by investment offers a passport directly. For many families the real question is not which is better, but which problem they are trying to solve.
Side by side
| Argentina CBI | Paraguay SUACE residence | |
|---|---|---|
| Cost (main applicant) | US$350,000 contribution (not refundable) or US$800,000 bond | From US$70,000 in a business with a plan and 5+ jobs; US$200,000 real estate or financial instruments; US$150,000 tourism |
| Route type | Citizenship | Permanent residence; citizenship only by later naturalisation |
| Processing time | Not yet published; Migraciones has 30 business days after the Agency’s report | Investor certificate within 5 business days of a complete file; residence card reported at 3–6 months |
| Family | Spouse US$100,000; children 18–25 US$100,000 each; under 18 US$25,000 each | Family terms not set out in the resolution summaries we reviewed; confirm with counsel |
| Passport reach | About 170 destinations | Paraguayan passport (only after naturalisation): 145 destinations (29th, Henley July 2026) |
| Physical presence | Not yet published | Reported as one visit every three years to keep residence; for citizenship, no more than 3 months away per year |
| Key risks | Court challenge to DNU 366/2025; new programme; fees unpublished | Long, uncertain path to citizenship; renunciation; few naturalisations granted |
What Paraguay sells: a residence permit, quickly
In April 2026 Paraguay’s Ministry of Industry and Commerce replaced its earlier rules with Resolution 283/2026. The SUACE investor certificate (Constancia de Inversionista Extranjero) gives direct permanent residence, skipping the temporary stage that Law 6984/2022 otherwise requires. There are four tracks: US$70,000 in a productive business with a business plan and at least five jobs; US$200,000 in financial instruments held for two years; US$200,000 in real estate not for personal use; and US$150,000 in tourism.
The certificate itself must be issued within five business days of a complete file, according to the law firm Ferrere. The residence card takes longer. Unlike Argentina’s contribution, the investment remains your asset, subject to business and market risk.
Paraguay’s tax system is territorial: Law 6380/2019 taxes income from Paraguayan sources. Personal income tax is progressive, with a top rate of 10%. For a resident whose income is earned abroad, that can be a significant attraction. Take advice on how your home country treats you.
The slow road to a Paraguayan passport
Article 148 of the Constitution requires at least three years of residence for naturalisation, together with regular work or a profession and good conduct. A Supreme Court rule of 2007 counts those years from the grant of permanent residence. During that time you may not be absent for more than three months a year. You must also pass a test in Spanish or Guaraní and in Paraguayan history and geography.
Two further points matter for investors. First, the current procedure requires renunciation of your original nationality; a bill in Congress challenges this, but it has not passed. Second, Article 149 allows multiple nationality only by treaty or constitutional reciprocity, and Article 150 lets a judge withdraw naturalisation after more than three years of unjustified absence. Paraguay granted only 45 naturalisations in 2024, according to IMI Daily.
Argentina works differently. Naturalised Argentines keep their original nationality. Argentina has not published any post-grant residence condition for investor-citizens as of 2 October 2026. Read more on dual citizenship.
The Mercosur detail
Both countries apply the Mercosur Residence Agreement. But its Article 2 covers naturalised nationals only once they have held that nationality for five years. A person who becomes Argentine through investment therefore cannot use it to move to Paraguay straight away. In the meantime, the Argentine national identity card (DNI) is accepted as a travel document in Paraguay and several neighbouring states.
Who it suits
Paraguay suits people who want a low-cost, low-tax residence in South America, who will actually spend time there, and who see citizenship as a distant option or not at all. It suits entrepreneurs ready to employ five people, and retirees or remote earners with foreign income.
Argentina suits people who need a second passport now, who want to keep their first nationality, and who want a stronger travel document: about 170 destinations against 145. It suits families who will not relocate, and who accept a sunk cost and an unresolved court case.
The honest verdict
If your aim is a passport, Paraguay is not a real alternative. The path is at least three years after permanent residence, with exams, absence limits, very few grants and a likely loss of your first nationality.
If your aim is a place to live, with low tax and a modest budget, Paraguay is excellent value and Argentina’s US$350,000 buys you nothing extra on that front. Some families combine the two ideas: a Paraguayan residence for tax and lifestyle, and an Argentine passport for travel. Compare the Uruguayan option in Argentina vs Uruguay, and Brazil in Argentina vs Brazil’s investor visa. This is not tax or legal advice; speak to a qualified adviser in both countries.
Sources
- Argentine Government, programme announcement (2 Oct 2026): https://www.argentina.gob.ar/noticias/luis-caputo-anuncio-la-puesta-en-marcha-del-programa-de-ciudadania-por-inversion-de
- Mercosur Residence Agreement (Argentine text): https://www.argentina.gob.ar/normativa/nacional/96650/texto
- Constitution of Paraguay, Arts. 148–150 (Constitute Project): https://www.constituteproject.org/constitution/Paraguay_2011
- Ferrere, Paraguay investor pass (Resolution 283/2026): https://ferrere.com/en/news/paraguay-launches-the-investor-pass-and-simplifies-residency-for-foreign-investors/
- IMI Daily, Paraguay investor pass details: https://www.imidaily.com/latin-america/paraguays-investor-pass-the-fine-print-is-in-and-its-more-generous-than-expected/
- IMI Daily, Paraguayan naturalisation in practice (Sept 2026): https://www.imidaily.com/?p=143370
- Ferrere, Law 6380/2019 tax reform: https://www.ferrere.com/en/news/paraguay-promulgan-ley-de-modernizacion-y-simplificacion-del-sistema-tributario-nacional/
- The Rio Times, Paraguay personal income tax rates (2026): https://www.riotimesonline.com/taxes-paraguay-expats-2026/
- Henley Passport Index ranking: https://www.henleyglobal.com/passport-index/ranking
- La Nación, government appeal: https://www.lanacion.com.ar/politica/el-gobierno-ira-a-la-corte-en-un-intento-por-mantener-en-manos-de-migraciones-la-entrega-de-las-nid01072026/